Specialty Chemicals Market Size to Reach Revenues of USD 1174.10 Billion by 2026 - Arizton
CHICAGO, June 29, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this specialty chemicals market report.
The specialty chemicals market is expected to grow at a CAGR of over 5.60% during the period 2020−2026.
Key Highlights Offered in the Report:
- A major growth driver for the market is the growing demand from end-use industries such as automotive, aerospace, construction, cosmetics & personal care products, textile, oil & gas, electrical & electronics, and food & beverages.
- In recent years, there has been a paradigm shift in the specialty chemicals industry. Factors such as the availability of low-cost labor, low cost of production, abundant availability of relatively cheaper raw materials, and lenient government norms have attracted foreign players to establish their manufacturing plants in India and China.
- Agrichemicals & fertilizers is the most dominant segment in the market. Factors such as growing population, declining availability of arable land, and growing horticulture and floriculture industries are driving the growth of the segment.
- In 2020, the agrichemicals & fertilizers segment accounted for a revenue share of 25.60%, which is expected to grow at a CAGR of 6.39% during the forecast period.
- Water treatment chemicals occupy the second position in the specialty chemical segment. With the growing population and rising industrial activity, the demand for water treatment chemicals will increase as they are used in the purification of water in large power plants, refineries, and fertilizer factories.
- APAC is the leading market for specialty chemicals and is expected to grow at a CAGR of 7.35% during the forecast period.
- The European Union is a mature market for specialty chemicals and is expected to grow at a CAGR of 4.69% during the forecast period.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by end-users and geography
- Competitive Landscape – 5 key vendors and 24 other vendors
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Specialty Chemicals Market – Segmentation
- The global agrochemical market expects to reach USD 314.32 billion by 2026. The increased focus on digital tools such as farmer applications and dealer management systems for better decision-making is likely to increase the demand for specialty agrochemicals. To curb the harmful effects of chemical-based products, the application of agrochemicals is growing.
- The global construction chemicals market will likely grow at a CAGR of 6.22% from 2020 to 2026. Global infrastructure investments are expected to reach USD 94.4 trillion by 2040, with USD 3.6 trillion earmarked for sustainable development goals. The APAC region is likely to witness the largest investments during the forecast period.
- The global water treatment chemicals market is likely to reach USD 157.42 billion by 2026, growing at a CAGR of 5.79%. Coagulants and flocculants are the most widely used chemicals, followed by biocides & disinfectants due to the increased application of these substances in municipal and wastewater treatment plants in several industries, including power, oil & gas, chemical, and petrochemical.
Specialty Chemicals Market by End-User
- Agrochemical
- Construction Chemicals
- Water Treatment Chemicals
- Textile Chemicals
- Flavors & Fragrance Ingredient
- Personal Care Ingredient
- Electronic Chemicals
- Dyes & Pigments
- Paints & Coating
- Food Additives
- Home Care Ingredients
- Others
Specialty Chemicals Market – Dynamics
Construction chemicals play a vital role in maintaining the safety standards of buildings, which is important to build and maintain long-lasting structures. Cement is one of the vital construction materials that provide strength and durability to a building. However, it has been observed that the use of regular types of cement in construction activities leads to cracks due to the permeability of concrete, chemical reactions, or water or sanitary pipe leakages. Also, cracks or fissures in a building weaken the structure and increase the risk of concrete disintegration. Thus, construction chemicals are mixed with cement to offer extensive benefits, such as reduction of abrasion, additional protection against environmental degradation, and prolonged structural life of buildings.
Key Drivers and Trends fueling Market Growth:
- Development of Eco-Friendly Products
- High Demand from APAC
- High Demand from Agrichemical Segment
- Significant Demand from Pharmaceutical Segment
Specialty Chemicals Market – Geography
North America is the fastest-growing market for specialty chemicals. Also, North America is the second-largest market for specialty chemicals and accounts for 21.56% of the global market. The significant growth in construction, automotive, aerospace, furniture, personal care products, agriculture, textile, and flavors & fragrance industries is driving the regional market. The US is the biggest market for specialty chemicals in the region as it accounted for a revenue share of 83.50% in 2020, followed by Canada with 16.50%. The high disposable incomes of citizens majorly drive the personal care market in the US. Also, the rising number of households and rising demand for aromatherapy and a healthy lifestyle are driving the market. Factors such as the growing prevalence of diseases, the increasing popularity of men's grooming products, and the rising demand for natural cosmetics are driving the personal care products market.
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Specialty Chemicals Market by Geography
- North America
- US
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- Belgium
- Netherlands
- APAC
- China
- India
- Japan
- South Korea
- Latin America
- Mexico
- Brazil
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
Major Vendors
- BASF SE
- Aarti Industries Ltd
- Evonik Industries
- Clariant
- Elementis Plc
Other Prominent Vendors
- Arkema
- Eastman Chemical Company
- Angus Chemical Company
- Lonza
- Daikin Chemicals Ltd.
- Cabot Corporation
- Double Bond Chemical
- King Industries Inc.
- Michelman Inc.
- PPG Industries
- Albemare Corporation
- Ashland
- The Lubrizol Corporation
- Solvay Chemicals
- Kemira OYJ
- Lanxess
- Croda International Plc
- Huntsman International LLC
- Ferro Corporation
- Univar Solutions Inc
- Bayer AG
- Chevron Phillips Chemical Company LLC
- Rossari Biotech Limited
- Vinati Organics Limited
Explore our chemicals & materials profile to know more about the industry.
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
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